Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Precision Gearbox Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”.
The global precision gearbox market is expected to grow at a CAGR of around 10.0% from 2021 to 2028 and expected to reach the market value of around USD 5.0 Billion by 2028.
Asia Pacific registers maximum share for precision gearbox market
A significant amount of investment was made in the automotive industry, where demand for industrial robots used in vehicle production increased sharply in the Asia Pacific precision gearbox market. Investment in new automobile manufacturing facilities is expected to continue, albeit at a slower pace than in previous years. China’s automotive industry continues to grow rapidly in APAC provinces, making it difficult for Japanese suppliers of industrial robots using precision gearbox products to compete effectively with Chinese hydraulic industrial robot manufacturers in the region. These factors have sparked a lot of interest in the precision gearbox market.
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Precision gearbox product adoption is high in Europe and will continue to be so throughout the forecast period. France’s population growth has resulted in a high demand for housing and infrastructure development in recent years. This promotes the growth of the construction industries. The plastic material segment, on the other hand, is expected to account for significant growth in the France precision gearbox market size. The increasing use of plastics can be attributed to their light weight; minimal lubrication, low maintenance, and lower power output requirements are factors that positively impact the growth of the precision gearbox market. Furthermore, advancements in manufacturing and molding techniques fuel regional growth in the precision gearbox market.
The industry’s growth is expected to be accelerated by massive demand for smoother and improved driving experiences, as well as easy gear shifting in vehicles. In 2017, automotive production increased by approximately 6.5% in the France when compared to the previous year. According to a report released by the Outdoor Industry Association, high demand for noiseless operations in vehicles has a positive impact on precision gearbox market growth.
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Latest precision gearbox technologies increase performance and efficiency at industrial level
With the introduction of a number of developments in the field of industrial gearboxes, designers now have more options in terms of performance and efficiency in the precision gearbox market. Following a lengthy development process, extensive testing of a gearbox outfitted with new technology revealed that all components received adequate lubrication, and most importantly, there were no oil leaks. The operational temperature was also found to be significantly lower, indicating up to 14% less power loss. Such factors have a significant impact on the global growth of the precision gearbox market.
Furthermore, precision gearboxes for industrial applications provide first-rate performance. To achieve precise gripping movements, for example, a robotic arm requires extremely small and light weight components that must also provide an enormous transmission rate. These simple gearboxes are distinguished by their precise motion transmission, zero backlash, and high transmission ratio, as well as their lack of wear and tear.
COVID-19 impact on the global precision gearbox market
With an increasing number of COVID-19 diseases worldwide, constraints on various precision gearbox market developments are increasing. As the global pandemic fights the pandemic circumstances, the impact on the global exchange and store network is becoming clear from the rapid debilitation of global speculation streams. On the other hand, severe regulations imposed by different nations’ administrations and preventive measures to control the impact of the incidence have resulted in a critical limitation in transportation, driving the overall impact globally.
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Some of the leading competitors are Nidec-Shimpo, Neugart GmbH, Bonfiglioli Riduttori S.P.A., Nabtesco, Parker-Hannifin Corporation (Parker Appliance Company), SEW-EURODRIVE GmbH & Co KG, Siemens, Dana Motion Systems Italia S.r.l. (a socio unico), and among others.
The global precision gearbox market is segmented based on product and application. Product is segmented as planetary, harmonic, and cycloidal. Further, application is segmented as military & aerospace, food, beverage, & tobacco, machine tools, materials handling, packaging, robotics, medical, and others.
Planetary precision gearboxes account for the dominating share of the overall market in terms of product. In the field of automation, extremely accurate gearboxes are required to ensure the adequate precision required by automatic processes. Planetary gearboxes are one of the most appealing solutions responsible for segmental growth. Based on application, the robotics segment accounts for the majority of the revenue growth in the precision gearbox market.
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